July 29--Panera Bread Co. reported a drop in second quarter earnings after the market closed Tuesday, but saw its shares moving upward on an increase in sales.
For the quarter ended July 1, the Sunset-Hills-based company reported net income of $49.2 million, or $1.82 per share, compared with $51 million, or $1.74 per share, a year earlier.
The latest quarter included the addition of $3.2 million, or 8 cents a share, from the favorable resolution of an insurance matter, the company said.
Revenues during the quarter increased 7 percent, to $631 million, but were offset by higher operating costs, related to rising food costs, marketing expenses and store upgrades.
In after-hours trading, shares in the company, which operates locally as St. Louis Bread Co., were up nearly 2 percent at $146.62.
Tim Barker is the biotechnology and agriculture reporter for the St. Louis Post-Dispatch. Follow him on Twitter at @tbarker13
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